Declan O’Brien: Supermarkets burying profits they earn from 'Treasure Island'
Published 03/01/2013 | 05:00
A recent report on food prices from the World Bank made for sober reading. The publication warned that prices remained at historically high levels and pointed out that the world could not afford to be "complacent to this trend".
According to the World Bank, food prices are 7pc higher than a year ago, with cereals such as wheat and barley 12pc higher than 2011 levels and very close to the all-time high prices of 2008.
This year's price hikes were driven in part by the worst drought in the US mid-west for more than half a century and export restrictions in countries such as Ukraine and Argentina.